Long-run BTC accumulation and distribution by exchange — Running signed netflow from the beginning of measured history; compare slopes, not reserve balances.
The running sum of signed net BTC flow for each labeled exchange, revealing long-run accumulation or distribution relative to the start of measured history.
A rising line means the venue received more labeled BTC than it sent out over the period; a falling line means persistent net withdrawals. Compare slopes rather than absolute levels.
Cumulative netflow is not an exchange-reserve balance: every line starts from a common zero baseline and does not include coins already held before the history window. Label-generation changes can restate the full series.